COTI boss explains why Cardano stablecoin Djed feeling no pressure amid panic

COTI CEO explained why the recent terrible panic in the crypto sector failed to leave any impact on Djed stablecoin.

Djed is a very less popular stablecoin on the Cardano Blockchain network. This stablecoin was theoretically designed by Cardano blockchain founder Charles Hoskinson in Q2 2021 and later designed by crypto fintech company COTI. Djed is a fully algorithmic concept-based stablecoin but still, bad situations in the crypto sector are failing to show any impact on the performance of this stablecoin. 

As we know that last week, the second ranked stablecoin USDC depegged around 6% from its actual pegged value, and also in that time frame many other stablecoins were facing high sell pressure situations. In that critical situation, either people shifted to USDT stablecoin or directly purchased flagship crypto assets like Bitcoin, Ethereum, etc. 

Experts noted that Djed stablecoin was standing strongly in that critical situation. On that success, Shahaf Bar-Geffen, CEO of FinTech startup COTI Group, explained why Djed is a successful algorithmic stablecoin concept.

COTI CEO said that Djed is independent of fiat or centralised manipulation and also it is over-collateralized by crypto assets values including ADA reserves, which are always verifiable.

Shahaf said that demand for DJED stablecoin is not only surging in the Cardano blockchain ecosystem but also in other crypto network ecosystems like Ethereum, and Binance Smart Chain (BSC). 

Djed stablecoin team also confirmed that soon Djed will be available on the Defi protocols on Ethereum & BSC network, as they requested. 

It is worth it to note that, after the downfall of TerraUSD stablecoin in May 2022, no crypto investors trust any algorithmic concept-based stablecoin. But still here Djed stablecoin is getting healthy demands. 

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